New York, August 26, 2026, 19:34 (EDT) – IREN stock gained 3.2% in after-hours trading, cutting its $940 million loss recorded ahead of earnings by nearly half.
- IREN ended the session at $39.58, a drop of 6.23%, then recovered 3.21% in after-hours trading to $40.85.
- The regular session decline wiped out around $940 million, while post-market trading recouped approximately $454 million.
- Fiscal 2026 results will be released on August 27, with a call scheduled for 5 p.m. EDT after that.
- Management aims to reach over $4 billion in AI Cloud annual recurring revenue by the end of the year.
IREN Limited (NASDAQ:IREN) shares regained half of their decline from the regular session in after-hours trading on Wednesday. The stock climbed 3.21% to $40.85 at 19:34 EDT, having earlier finished the day 6.23% lower at $39.58.
The day’s trading session saw a significant move in valuation. Based on the closing share price and market capitalization, the drop wiped out approximately $940 million. In after-hours activity, around $454 million of that was regained, resulting in a net loss of $486 million from the Tuesday close.
The partial rebound creates high expectations ahead of Thursday’s fiscal 2026 update. The latest share price suggests a market capitalization of around $14.6 billion. This figure is below 3.7 times IREN’s projected AI Cloud annual recurring revenue of over $4 billion by the end of the year.
Analyst forecasts show wide variation. MarketBeat projects quarterly revenue at $132 million with a per-share loss of $0.55. By contrast, Zacks expects revenue to reach $138.89 million and the loss per share at $0.80.
IREN’s performance in the March quarter highlights the importance of operational execution over headline figures. Revenue was down 21.6% on a sequential basis, totaling $144.8 million. Adjusted EBITDA dropped to $59.5 million. The company’s net loss expanded to $247.8 million.
The company cited decreased Bitcoin prices and the phasing out of mining hardware prior to GPU rollouts as causes. AI Cloud revenue partially mitigated the impact. Thursday’s results are expected to indicate if that shift is altering the revenue balance.
| Company | Aug. 26 close | Daily move | Market value | Volume |
|---|---|---|---|---|
| IREN | $39.58 | -6.23% | $14.15bn | 37.45m |
| CoreWeave (NASDAQ:CRWV) | $88.01 | -0.03% | $48.54bn | 12.13m |
| Nebius Group (NASDAQ:NBIS) | $213.93 | -3.62% | $58.16bn | 9.17m |
IREN has announced $2.8 billion in new multiyear AI Cloud agreements. Approximately 85% of its targeted revenue by year-end is already secured by contracts. The contracts have a weighted average duration of nearly four years.
Capacity is increasing at the same rapid rate. IREN projects delivery of 480 megawatts in 2026, a jump from about 3 megawatts. The company aims for 1.2 gigawatts in 2027. Co-chief executive Daniel Roberts said the platform was “scaling at pace.”
Funding is the second hurdle. Customer prepayments account for approximately 45% of related GPU capital expenditure. IREN said it had close to $7.6 billion in cash as of June 30, of which $1.7 billion was earmarked for Microsoft-backed GPU financing.
Wall Street sentiment is positive ahead of the announcement. MarketBeat records 21 analysts with an average price target of $83. The span stretches from $46 to $105, while the stock ended Wednesday at $39.58.
Risks: Contracted revenue remains contingent on GPU delivery and data center energization. The project involves significant capital expenditure and a concentrated customer base. Fluctuations in Bitcoin prices and mining economics may further blur the path to an AI-focused transition.
IREN is set to report earnings on Thursday, August 27, with a conference call scheduled for 17:00 EDT. Market participants are expected to scrutinise updates on deployment schedules, financing, and the transition from contracted orders to recognised revenue.
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